ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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No question here that you daytraders have a bearish 15 and 60 minute chart right now.
Note: the 240 chart bumped 1347.75 twice yesterday and did not go above. That generally means that I will need to wait a bit for some pullback and festering before we can try the 1350.50 area--not always of course. At this point, I would look at buying at 1349.75 on a stop or on a clear upside reversal like we had yesterday. I am still long based upon the daily and weekly charts.
Note: the 240 chart bumped 1347.75 twice yesterday and did not go above. That generally means that I will need to wait a bit for some pullback and festering before we can try the 1350.50 area--not always of course. At this point, I would look at buying at 1349.75 on a stop or on a clear upside reversal like we had yesterday. I am still long based upon the daily and weekly charts.
Possibly, but I would suggest that trend following started a little over a month ago around the time that I posted the daily chart on this page. --Actually now that I look at it again, it was probably a week or two before my chart.
http://www.elitetrader.com/vb/showthread.php?s=&threadid=64965&perpage=6&pagenumber=666
Here is some info for you. So you should know, most of B1's trading activity is divergence based, I have been looking into this for a little while now and find the results to be very good. Though simple in principle, a correct strategy has to be worked out prior to committing serious funds. Works best on 1 hour+ TFs, though IME has provided positive results on shorter TFs, I just didn't want to go down the route of being glued to the screens eye-balling various TFs monitoring divergences in different TFs.
If you see a divergence on a 5 min TF, you might see it on 10 or 15, sometimes you won't, depends on variables mainly time and price oscillation during 5 min divergence. You could see this BLD being present on 15 also, I have previously found divergences that are present on multiple TFs (evolving ones) to be the most reliable.
"Types of divergence:
Bullish Divergence - occurs when price is making a lower low and the indicator is making a higher low, failing to move to a new low with price. This is a great sign of a potential bottom and many traders look deeper for confirmation of a buy signal when bullish divergence occurs. Often times, you will see bullish divergence correspond with the low of the day.
Bearish Divergence â occurs when price is making a higher high and the indicator is making a lower high, failing to move to a new high with price. This is a great sign of a potential top and many traders look deeper for confirmation of a sell signal when bearish divergence occurs. Often times, you will see bearish divergence correspond with the high of the day.
Bullish and bearish divergence is a great tool for the intraday trader. However, spotting actual divergence with price and the indicator can be a very tedious and inconsistent task for most traders. With the Alchemy Divergence Indicators all the difficult and tedious measuring are done for you in a very visual and consistent manner. This allows the trader to concentrate on possible trade set-ups and trade confirmation signals."
If you see a divergence on a 5 min TF, you might see it on 10 or 15, sometimes you won't, depends on variables mainly time and price oscillation during 5 min divergence. You could see this BLD being present on 15 also, I have previously found divergences that are present on multiple TFs (evolving ones) to be the most reliable.
"Types of divergence:
Bullish Divergence - occurs when price is making a lower low and the indicator is making a higher low, failing to move to a new low with price. This is a great sign of a potential bottom and many traders look deeper for confirmation of a buy signal when bullish divergence occurs. Often times, you will see bullish divergence correspond with the low of the day.
Bearish Divergence â occurs when price is making a higher high and the indicator is making a lower high, failing to move to a new high with price. This is a great sign of a potential top and many traders look deeper for confirmation of a sell signal when bearish divergence occurs. Often times, you will see bearish divergence correspond with the high of the day.
Bullish and bearish divergence is a great tool for the intraday trader. However, spotting actual divergence with price and the indicator can be a very tedious and inconsistent task for most traders. With the Alchemy Divergence Indicators all the difficult and tedious measuring are done for you in a very visual and consistent manner. This allows the trader to concentrate on possible trade set-ups and trade confirmation signals."
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